The company estimates it will spend €30 billion ($48 billion) by 2023 on its electric vehicle roll out.

In addition to ramping up its EV efforts, the company has also pledged to be fully CO2 neutral by 2050 "in all areas from fleet to production to administration".

The automaker will begin first by reducing its CO2 output, switching to renewable energy sources, and compensating for unavoidable greenhouse gas emissions. The company says it has also begun to make changes to its supply chain, with particular effort being put into steel and aluminium production.

Interim targets include halving CO2 emissions from its own factories, compared to 2010 levels, by 2025, and converting its coal-fired power plant in Wolfsburg to natural gas.